eToro Social Trading App Review
eToro is a brokerage focused on social trading, while being involved with scores of other finance-related ventures. eToro is one of the few brokers that deal in actual cryptocurrency trading and services.
The eToro mobile app, the Android as well as the iOS one, are a proper reflection of this focus.
The Android app is easy to use, highly functional and it has racked up a very decent score at Google Play.
It is much more than a simple mobile trading platform. In addition to actual trading, it gives traders exposure to the most interesting crypto markets. Its social component lets traders copy their peers, as well as make their trades available for copying.
Having been installed by more than 1 million users on their mobile devices, the eToro Social Trading App is indeed one of the most successful mobile stock trading app solutions ever.
The app supports real money trading as well as a virtual portfolio. Through this, traders can put their skills to the test risk-free. There’s a handy watch list and opening a position is as easy as clicking on one of the tradable assets on this list.
Traders can then set their investment amount, as well as their SLs and TPs. clicking the Open Trade button.
Keeping an eye on open positions is just as simple.
Those looking for advanced features (such as social and stock trading), will find everything they could possibly need under the Menu button in the top left corner.
This is where users can copy other traders, where they can take a look at their portfolios and invest in CopyPortfolios.
The eToro club can be accessed from here as well. Users can invite their friends, they can tinker with various settings and they can withdraw their funds.
The size of the Android app is just 43MB. It can be downloaded and installed in under a minute. Registering is also quicker than with most other brokers.
Several people have complained of bugs, text overlay and dysfunctional charts. We have not seen any such issues when we downloaded and installed the latest version. Problems may, however be device-dependent. Complaints may have also originated from early versions of the update where bugs may have persisted. Right now, the app offers more than reasonable functionality.
The iOS version of the app is significantly larger at 172MB. Fewer people seem to use it. Its user rating is similar to that of the Android app too.
Despite that, the iOS app delivers the same functionality as the Android one, and its user interface is similar as well.
Skilled traders can use the iOS or the Android app to become popular investors and to eventually earn 2% off the assets under their management. This second revenue is paid directly by eToro.
Asset Classes in the trading app
eToro’s market coverage is extensive, encompassing major asset categories such as stocks, cryptoassets, commodities, ETFs, indices, and a wide selection of currency pairs. The broker allows both direct trading and CFD trading for stocks, while cryptocurrencies like Dogecoin, Bitcoin, and Ethereum can be bought and held directly on the client’s behalf, without leverage.
eToro does not offer cryptocurrencies as a CFD product for FCA clients, and commodity and currency pair trading are mainly conducted through derivatives. The selection of ETFs and indices is also substantial, primarily traded through CFDs.
Deposits and withdrawals with the eToro trading app
Deposits to eToro are converted to USD if made in another currency. The minimum deposit required to open a live trading account is $100, except for Israeli clients who need to deposit at least $10,000. Various payment methods, including Mastercard, Visa, American Express and Diner’s Club, electronic wallets, and of course also bank wire transfers, are accepted for deposits and withdrawals.
For first-time withdrawals, clients must submit necessary documentation (passport, recent utility bill and copy of credit card if that was used). Processing of withdrawals usually takes 24-48 hours.
Skilled traders can use the iOS or Android app to become popular investors and eventually earn 2% of the assets under their management, a revenue stream directly provided by eToro.
If you’re a beginner looking to start trading, the eToro Trading App is an excellent option to consider.
For a top list of the best trading apps in the UK, please click here.
Start using the eToro Trading App now.
